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Retraining of Racehorses
Annual report
Registered charity number 1084787
Registered number 4089376
OSCR Registered number SC043339
Year ended 31 December 2024

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Retraining of Racehorses
(a company limited by guarantee)
AnnLJal report
Year ended 31 December 2024
Contents
Legal and administrative details
Trustees, report
Report of the independent auditor to the members of Retraining of Racehorses Limited
Statement of financial activities (including the Income and Expenditure Account)
Balance sheet
14
17
18
Cash flow statement
19
Notes to the Financial Statements
20

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Legal and administrative details
Name of charity
Retraining of Racehorses Ltd. also known as "ROR".
Registered charity numbers
England and Wales.. 1084787
Scotland: SC043339
Registered company number
4089376
Registered company address
7th Floor, Holborn Gate
26 Southampton Buildings
London
WC2A 1AN
Trustees and Directors
The Board of Trustees for ROR are as follows:
inted b
Initial A
ointment
January 2021
January 2024
February 2023
January 2025
November 2020
July 2023
October 2023
June 2024
Term ex
December 2024
Philip Freedman (Chair) BHA
David Thorpe (Chair)"
RCAJBHA"
Rupert Arnold"
NTF
Bridget Guerin
RCA
Celia Djivanovic
ROA
Kyrsten Halley
BHA
Victoria Murrell
TBA
Paul Johnson
NTF
December 2025
May 2024. reappointed December 2024
De￿mber 2026
November 2026
June 2025
October 2025
December 2024
"David Thorpe was initially appointed by the RCA and became the BHA nominated appointment in January
2025 when he took up the position of chair.
"Rupert Arnold stepped down from the position of Trustee in May 2024 in order to take up a short-term
executive consultant position with the charity and was reappointed in December 2024.
The charity also has two Independent Trustees: The Hon Lucinda Cavendish initially appointed August
2019 with current term expiring July 2025 and Andrew Merriam inilially appointed March 2023 following a
period as a member nominated trustee. with a term expiring March 2025.
Patrons:
Zara Tindall MBE appointed March 2024
Sir Anthony Mccoy OBE
Managing Director:
David Catlow
Company Secretary:
Catherine Beloff

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Legal and administrative details
Professional advisers
Bankers
Weatherbys Bank
Sanders Road
Wellingborough
Northampton
NN8 4BX
Solicitors
Royds Withy King
Cross Keys House
27 The Parade
Marlborough
SN8 1NE
Auditors
James Cowper Kreston Audit
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
Restrictions on operations and investment powers
There are no material restrictions on the operations and investment powers of the charity in pursuance of
its charitable obligations.

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Trustees, report
The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present
their annual report together with the audited financial statements of Retraining of Racehorses (the company) for
the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the
company comply with current statutory requirements. the requirements of the company's governing document
and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) {effective 1 January 2019).
Structure
overnance and mana
ement
Governing instrument
Retraining of Racehorses {"RoR") is a charitable company limited by guarantee and govemed by its
Memorandum and Articles of Association dated 9 Oclober 2000, as amended by special resolutions dated 10
January 2001, 29 April 2003 and 11 Novernber 2004.
Appointment of Trustees
Under the Articles of Association, the Trustees are appointed to serve a 2 year period, which is renewable. The
Trustees of the charitable company are also the directors of the company for the purposes of the Companies
Act 2006. ROR is govemed by a Board of six Trustees, one each nominated by the National Trainers Federation
("NTF"), the Racecourse Association Limited ("RCA°). the Racehorse Owners Association Limited ("ROA"). the
Thoroughbred Breeders Association ("TBA") and two by the British Horseracing Authority Limited {"BHA"). The
charity is also able to appoint up to non-voting independent trustees. The BHA has responsibility for
appointing the Chairman.
The Trustees at 31 December 2024, who are also members of the company. have undertaken to contribute a
sum not exceeding £1 each to meet the liabilities of the company in the event that it is wound up.
New Trustees are fully briefed by the Chairman on their responsibilities as a Trustee under charity law and as a
director under company law. They receive an induction pack including copies of the following= the Memorandum
and Articles of Association., the latest Trustees, meeting minutes" the most recent statutory accounts and
management accounts, including the current budget" the current Trustees, Handbook" and the Charity
Commission publication CC3 The Essential Trustee.. What You Need to Know. During their first year, all new
Trustees visit at least one of the RoR-supported ra￿horSe rehabilitation ￿ntres.
Organisational structure
The Board of Trustees delegate the day to day management of the charity to its executive team.
The Managing Director is supported by a small team who have cleady defined responsibilities as detailed in the
2024 organisation chart below. In addition, ROR is grateful to the BHA for the donation of BHA ServI￿S
encompassing secretariat. marcomms, finan￿ and human resources support. The charity's Trustees also give
considerable time to ROR and its activities at no cost to the charity-
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
ROR Trustpp BnRrd
Excy
BIIA. SUvV￿r
Remuneration policy
The Trustees are responsible for the charity's pay policy as well as deciding on the salary of the Managing
Director. In setting the overall pay levels for staff, ROR considers the prevailing pay practice in the wider
economy and takes extemal counsel from the BHA.
Relationship between the charity and related parties
The relationship belween ROR and other racing industry organisations is outlined under the appointment of
Trustees above.
Risk management
In order to achieve and maintain best practice in corporate govemance and acknowledging responsibility for
safeguarding the assets in the charity's ownership, the Trustees have appointed senior staff members to be
responsible for the areas in which the charity may be exposed to risk. The charity maintains a risk register of
the operational, business and environmental risks that might impact on ROR'S income and its expenditure plans.
This is regularly monitored and reviewed by the Trustees. Key risks for the charity include an economic downturn
which would put pressure on ROR'S income streams at the same time as potentially leading to an increase in
ex-racehorses requiring assistance from ROR. Also, any outbreak of equine disease could result in a cessation
of racing with a major impact on the sport and associated equine activities. Cognisant of these risks, the charity
keeps a prudent level of reserves which are held in a wide spread of leading bond and equity funds, although
they may be subject to market fluctuation and downtums. The charity relies on income and capital growth
generated from the investment of its reserves and has adopted a policy of using reserves to support activity,
whilst aiming to maintain the long-term real capital value to generate a continual income stream.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy
at any time, the financial position of the charity, and enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities. The controls over
the key financial systems have operated effectively throughout the year. Details of the financial procedures are
reproduced in the Trustees, Handbook.
Charity governance
In 2017, following a review of its govemance in order to comply with the principles of the Charity Governance
Code (July 2017), the Trustees agreed a Board Code of Conduct and policies for Conflicts of Interest,
Safeguarding, Whistleblowing. and Complaints which are reviewed on a regular basis. As a matter of good
practice a review of all aspects of the charity's govemance coMMen￿d in 2024, and will report in 2025.
Ob'ectives and activities for the
ublic benefit
The charity's objects as stated in its Memorandum of Association are.to promote the welfare and rehabilitation
of racehorses and former racehorses which are unwanted or vulnerable to abandonment, abuse, misuse or
neglect, or otherwise in need of care and attention, in particular (but without prejudice to the generality of the
foregoing) by means of retraining and rehousing-.
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
The Trustees confinn that they have referred to the Charity Commission's general guidance on public benefit
when reviewing the trust's aims and objectives and in planning future activities and setting the grant-making
policy for the year.
Aims and objectives
Established in 2000, ROR is dedicated to safeguarding the welfare of all former ra￿hOrseS through various
preventative measures, including..
Setting industry standards for retraining former racehorses
Providing training and education to new owners to nurture lifelong partnerships with their retired
racehorses
Increasing demand by promoting the versatility of these horses in various equestrian activities
and facilitating their participation in competitions
Maintaining a robust tracking system for former ra￿hOrseS through ROR membership.
ROR also extends support to former racehorses in times of need through its welfare programmes.
Grant-making policy
In 2024, ROR continued its commitment to supporting accredited charitable centres across the country. The
charity's Head of Welfare Operations oversees the assessment of all horses put forward for vulnerability grants.
with funding awarded to those that meet ROR'S defined vulnerability criteria.
All grants are subject to Trustee approval and are contingent on the organisation's activities aligning with ROR'S
charitable objectives.
In addition, ROR remains open to considering programme-related investments on a case-by-case basis,
provided they are consistent with the charity's aims and contribute meaningfully to its mission.
Strate
icre
Review of charitable activities
Welfare
Overall, ROR supported 66 horses through its welfare safety net; a 22 % increase on the previous year. This rise
was largely attributed to the ongoing impact of the cost-of-living crisis and mental health challenges affecting
some owners. Through our Ask the Experts email seNice. we also provided tailored advice to 124 members,
helping them navigate a wide range of retraining queries and ensuring they had access to the support they
needed.
In 2024. the Retraining Assessment Programme run in partnership with HEROS, was in its second year and
had evolved based on our learnings from year one. The programme now requires a contribution from the racing
owners towards the initial assessment stage, helping to determine a horse's suitability for retraining. Once a
horse is accepted onto the programme. charitable funding is then used to support its progress through to
rehoming.
The programme also fomis a vital part of a broader first-step framework being developed to help racing owners
and trainers responsibly retire horses from the sport. Generously funded, in 2024 by the Racing Foundation and
the John Pearce Foundation this framework includes the creation and rollout of a Retrainer Approval Scheme
as well as a comprehensive horse assessment process. This will generate valuable data on the retiring
racehorse population, helping to detemiine outcomes and identify common factors in horses that require
additional support.
Education
In 2024, ROR'S education team delivered 375 mounted and unmounted events. engaging a total of 1,674
participants. A key achievement was securing CPD endorsement for our Racing Insight Days and Realistic
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Retraining Demonstrations, enabling BHS coaches to benefit professionally from attending these sessions. We
also strengthened our collaborative efforts with the British Horse Society (BHS) and British Dressage (BD), with
the summer camp at the David Broome Centre standing out as a particularly successful example.
Innovation continued with the trial of new unmounted sessions. such as our Introduction to Owning a Former
Racehorse days, which were met with great enthusiasm and have now been rolled out nationwide. Over the
course of the year, we developed and deepened relationships with venues and coaches across the country,
building a robust and supportive network for our members. In addition, our presence at key equestrian events
and racecourses, including Your Horse Live. provided valuable opportunities to engage with the public and raise
awareness of the importance of Thoroughbred aftercare and retraining.
Competitions
In 2024, ROR saw over 4,500 entries across all competition series, reflecting strong and consistent engagement
from our community. The Jockey Club ROR National Championships welcomed 280 unique competitors across
95 classes, showcasing the versatility and talent of fomier racehorses. By the end of the year, 2,116 registered
horses held competition membership, underlining the continued popularity of ROR'S competitive offering.
Feedback from participants at the 2024 National Championships was overwhelmingly positive - over 95 % rated
their overall experience as 'ex￿lIent' or 'good', with an equal number agreeing the atmosphere was 'positive
and engaging,. Nearly 90 % were satisfied with the variety of classes on offer, ensuring something for everyone.
In 2024, we introduced several enhancements to our dressage series to improve fairness and accessibility:
Classes were divided into categories, restricted and open, ensuring fairness within each level and
providing flexibility for competitors either remaining at their current level or wishing io move back a
level.
We intrOdU￿d additional regional dressage events, providing greater geographical coverage and
increased opportunities for members to participate closer to home.
2024 also saw the introduction of the BEDE Eventing Series, which saw 42 horse and rider combinations register
to take part. This marked a strong start for the new initiative. and we're aiming to build on this success and grow
participation in the years ahead.
Promotional and fundraising activities
2024 was a milestone year for fundraising at ROR. marked by new partnerships, increased income, and the
launch of several key initiatives to support the long-temi sustainability of our work.
We were delighted to welcome two new grant funders; the Trevor Hemmings Foundation and the Childwick
Trust, both of whom generously contributed towards our mission. Our strategic funding approach was further
strengthened by the introduction of a comprehensive grant calendar.
We extended our partnership with Ascot. worth £30.000 in 2024, for a further iwo years, and secured a major
new three-year funding agreement with Agria Insurance. Another notable success came from re-tendering our
branded merchandise contract. The new online shop generated more commission in its first six weeks than was
earned from all merchandise sales during 2023.
To support engagement, we developed an annual supporter pack to help individuals and organisations better
understand how they can get involved with and support ROR'S work. Godolphin also announced that they will
double their support for the Horses for Courses programme in 2025.
We launched our new fundraising microsite, support.ror.org.uk. to enhan￿ the supporter experience and
showcase our impact. In addition. we partnered with the Free Wills Ne￿Ork to offer a free will writing service to
members. securing over £110,000 in estimated pledges within the first five months.
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Our Big Give match funding campaign exceeded its target, thanks to the generosity of our community. and we
were honoured to win first prize in Animal Friends, Christmas charity campaign, which secured £50,000 of
additional core funding
ROR continued to host ROR Parades at race days throughout 2024. organising ten events featuring 107 former
racehorses. Additionally, ROR'S Horses forcourses programme, generously supported by Godolphin, concluded
the year with 33 ambassadors spread across 25 racecourses. Each racecourse actively promotes their
ambassadorfs story through their communication channels. with these horses serving as a valuable connection
be￿een the r8￿COurse and its local community.
The ROR Awards took place in January at the prestigious Jockey Club Rooms in Newmarket. A highlight of the
evening was the presentation of The Jockey Club ROR Horse of the Year Award, which was awarded to Que
Sera. a former racehorse based in Oxfordshire. owned and ridden by Jo and Ben Hales. Que Sera's joumey
from a short racing career to becoming a versatile champion in various disciplines captured the hearts of the
ROR community.
Meanwhile, the Sir Peter O'sullevan Charitable Trust ROR Community Impact Award was presented to New
Beginnings and Goldream, in recognition of their exceptional work enriching people's lives through their
involvement with former racehorses.
Membership
In 2024, ROR experienced continued growth in both membership and horse registrations. By year-end, 14,063
former racehorses were actively registered with ROR. an increase of 1,342 compared to 2023. Membership
numbers also rose significantly. with 17,879 individuals registered, representing an uplift of 1,867 from 2022.
Additionally, 398 horses were listed for sale through ROR'S Source a Horse platform. helping to support
responsible rehoming and second careers for fomier racehorses.
The year in numbers
ROR continued to demonstrate the adaptability of eX-ra￿hOrseS across the many disciplines. events and
awareness raising initiatives, as highlighted by the participation levels below.
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Environmental Reporting
Effective from 1 April 2019. The Companies (Directors, Report) and Limited Liability Partnerships (Energy and
Carbon Report) Regulations 2018 introduced the requirement for annual energy and carbon reporting. There is
no mandatory requirementfor the charity to comply with the environmental reporting regulations, and these have
been voluntarily adopted. Using the financial control method. Greenhouse Gas emissions are set out below.
2024
2023
Units
tC02e
Units
tC02e
Company cars and non-company
car mileage
Flights
Total
Miles
36,476
44,174
12.3
Miles
2,270
0.48
10,504
1.38
38,746
10.38
54,678
13.68
Intensity ratio {tC02e per £000
of income)
0.008
0.01
Methodology
The following methodology for converting raw data to the above have been applied to provide consistency for
year-on-year reporting.
Car mileage is converted using a petrol and diesel conversion factors for medium sized cars.
Air journeys are calculated in miles and converted to C02 emissions through an online calculator.
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1.614
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17.879members
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In num
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
The charity considers environmental efficiency when making travel arrangements with staff frequently car
sharing to reduce mileage and C02e. There is also a maximum limit placed on C02 emissions for company
cars, with a range of electric and hybrid cars included on the list offered.
Financial review
During 2024. ROR received total income from all sources amounting to £1,341,751 (2023.. £1,327,358). This
excludes the drawdown of £148,583 (2023.. £148.583) from the Endowment Fund reserves to the General Fund
as permitted under the temis of the gift from the estate of Paul Mellon (see below).
In 2024, ROR received £238,124 (2023: £235,865) from racehorse owners. trainers and jockeys under the
Orders of Racing, including £222,534 from owners (2023: £222.175). In addition varying donations were
received from other parts of the Racing Industry: HBLB. racecourses, Point-to-Points, breeders, and
auctioneers plus some individual gifts. The 2024 sum received from these additional sectors was £515,385
(2023.. £307,298). The charity also received £101,481 (2023: £145,541) in sponsorship and fundraising income
which included donations from £6,750 from the Jockey Club for the ROR awards {2023: £6,000), £11,800 from
the Peter O'sullevan Charitable Trust {2023'. £2,000). and £25,000 from Tattersalls for show series sponsorship,
plus an additional donation of £25,000 towards general funds (2023.. £25,000). Due to the venue not being
available in 2024, the major fundraising event Racing lo Cricket did not go ahead. Plans are in progress for the
event to resume in 2025. Fundraising income was £1,725 (2023: £101,740). The financial arrangements for
ROR National Championship Show with Aintree Equestrian Centre changed in 2024, with the corresponding
ROR income and expenditure now considerably less. Income from regional clinics and camps, the Aintree Show,
online shows and registrations amount to £188,843 (2023: £176.680).
Income from legacies generously bequeathed totalled £49,455 {2023: £232,724) which included a generous
legacy donation of £31,902 from Colin Easter.
Total income from investments was £159,591 (2023: £170,181) which was used to support activities either
directly through the general and restricted funds or as part of the drawdown from the endowment fund.
During the year. £71,314 (2023: £119.747) was spent on generating donations and grant income and
£1,637,009 (2023: £1,610.716) was spent on the charitable activities of second career educational events for
ex-racehorses and charitable grants as outlined in the review of charitable activities. Grants awarded totalled
£387,232 (2023.. £392,461), for horses meeting ROR'S vulnerability criteria and emergency relief. Of this £3,179
(2023.. £8,962) was for ERT support. Depreciation of £2,500 (2023.. £3,000) on the bale shredding machine
purchased in 2020 for loan to the New Beginnings Horses charity in 2020 was charged to the capital fund.
Fund policy and risk management
ROR'S reserve funds comprise (i) unrestricted General Funds arising from accumulated unspent donations that
the charity is free to use to fund on-going activities. and (li) Restricted and Endowment Funds that can only be
spent in accordan￿ with the terms set out by the donors. In order to fully fund its charitable expenditure, the
charity relies on income and capital growth generated from the investment of its reserves and has adopted a
policy of using reserves to support activity. whilst aiming to maintain the long-temi real capitsl value to generate
a continual income stream.
Under the terms of the Endowment Fund, the charity can transfer up to 5 % of the fair market value of the fund
each year. This provides for a lasting legacy, preserving capital whilst at the same time generating income to
support the work of ROR. To provide a consistent approach across both the General and Endowment funds,
the Trustees, have adopted a similar policy of using up to 50/0 of the income and capital value of the unrestricted
General Fund investments to cover any deficit that may arise on general activities. This policy is reviewed by
the Trustees on a regular basis in light of the Charity's operating requirements and changes in the economic
and market background.
General Fund
In 2024 ROR made a loss before transfers on the unrestricted General Fund of £406,104 {2023.' £436,708 loss).
After transfers from the Endowment Fund of £156.170 (2023." £148,583). a realised gain on the sale of
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
investments of £422,166 (realised loss 2023.. £51.297) and an unrealised investment loss of £21,901 (2023..
unrealised gain £265,299) the General Fund increased from £4.140,020 to £4,290.351.
Restricted and Endowment Funds
ROR'S Restricted and Endowment funds are comprised of the following:
Paul Mellon Capital Projects Fund
This fund was part of a gift from the estate of Paul Mellon in 2001 and is kept in reserve to provide capital
grants in accordance with the terms of that gift. In 2020, the charity purchased a Bale Master bale shredding
machine which it loaned to New Beginnings Horses in order to assess the benefits to both horse welfare
and staff of using this equipment to provide stable and yard bedding. Depreciation on the capital cost was
charged to the restricted fund (2023.. £3, 000). At 31 December 2024 after allowing for investment income,
gains and charges a total of £108,674 (2023." £a9,884) remained in the fund.
Emergency Relief for Thoroughbreds (ERT)
The ERT fund was established in 2008 with funds from the ROA. During the year grants totalling £3,179
were awarded (2023.. £8,962).
Endowment Fund
The Endowment Fund. which was established with a bequest from the estate of Paul Mellon, is
professionally managed in accordance with accepted practi￿ for investments on behalf of charities. As at
31 December 2024. the Fund was valued at £2.967,232 (2023: £2,823,076). This increase is after the
transfer of £156,170 (2023.. £148,583) to the General Fund in accordance with the terms of the gift which
allow a drawdown of up to 5 /0 of the valuation on an annual basis, thereby providing both income to
supplement the annual activity whilst maintaining a lasting legacy to secure enduring support for the
valuable work of ROR.
Further details of the conditions attached to each fund can be found in Note 16.
The Trustees, policy with regard to reserves is to ensure that there are sufficient General Fund reserves to cover
basic annual grant commitments and undertakings, and the charity's core administrative and promotional costs
in the event of adverse conditions such as the suspension of racing in Great Britain, or as a result of fluctuations
in income caused by continuing economic uncertainty. In addition the charity budgets annually on a breakeven
basis, funded in part by a drawdown from the Endowment Fund and unrestricted General Fund reserves.
General fund reserves at the year-end were £4,290,381 (2023 - £4,140,020), and total reserves £7,420,308
(2023 - £7,114,398).
Investment policy, objectives and perfonnance
The Trustees of the Charity are responsible for setting the broad objectives and constraints for the investment
portfolio and appointing appropriate investment managers to look after the portfolio on a day to day basis to
create an enduring legacy that provides for the charity's future whilst at the same time generating income to
support on-going activity.
The return on the portfolio is assessed on a total retum basis rather than against a specific income target.
Income is nevertheless considered an important component of total return, as it is normally more stable than
capital and will reduce the need to use capital to cover the annual distribution. The income yield on the portfolio
for 2024 was around 2.2 %, which together with portfolio returns in 2024 of around 6 % the Trustees consider an
appropriate level of total return in the current market environment.
In order to limit capital risk and volatility, the portfolio is well diversified across asset classes and geographies
with a bias toward real assets such as equities to reflect the Charity's long-term real return objective.
Currently, the portfolio is invested in a multi-asset portfolio managed by Brompton Asset Management on a
balanced basis targeting a reasonably high level of income. Performance is measured against a charity peer
group benchmark.
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
The asset allocation of the portfolio is regularly reviewed by the Trustees to ensure that the overall asset mix in
the investment portfolio reflects the Charity's retum objectives and risk tolerance appropriately.
The perfonnance ofthe managers is monitored on a regularquartedy basis and their appointment will be formally
reviewed in the event of significant corporate developments. major administrative issues or sustained poor
performance. it will also be reviewed in the event of a change in the Charity's requirements.
Performance during 2024 saw the portfolio increase in value which reflected the global markets. These are long-
term investments and although the charity supplements its operational income with drawdowns from these,
investments are of a sufficient level to maintain this.
Plans for future periods
Future plans: ROR Strategy 2024-2026
In 2024, our team dedicated significant effort to crafting ROR'S vision for the future through a comprehensive
three-year strategic plan. The ROR Strategy 2024-2026 was officially launched 19 January 2024, and its
significance was further underscored during a stakeholder forum on 31 January, where it was widely accepted
as the industry strategy for aftercare. with the BHA Board adopting the strategy as the industry's strategy for
aftercare in June 2024.
ROR'S strategy outlines its principal priorities for the upcoming three years, through seven pillars of activity, all
of which are aligned with our overarching mission to safeguard the wellbeing of all former racehorses:
Welfare and support
Retraining standards
Education and community engagement
Increasing demand and raising awareness
Traceability
Fundraising, marketing. and communications
People. governance, finance. and sustainability
Retraining of Racehorses (ROR) remains focused on delivering an ambitious yet practical strategy to strengthen
aftercare provision for ra￿hOrseS retiring from the sport.
Building on the strong foundations of the ROR Strategy 2024-26, in 2025 we will continue to work closely with
major stakeholders to develop a long-term. sustainable funding model that supports racehorse welfare
throughout their lives. Increased pledges from within racing, combined with the growth of independent income
streams. are allowing us to invest more confidently in programmes that deliver measurable impact.
We believe aftercare is a shared responsibility, one that safeguards both equine welfare and the long-term
reputation of British racing. ROR has been entrusted to lead the development of a fair and coherent aftercare
system. This extends beyond providing charitable support for when things go wrong. and includes proactive,
preventative initiatives in retraining, education. traceability. and participation. ensuring every former racehorse
has the opportunity for a fulfilling second career.
In 2025, our priorities include..
Registering all horses bred for racing. allowing early engagement with owners and the provision of
tailored advice and education;
Completing the review of the Vulnerable Horse Scheme {VHS) to ensure it meets current needs and
delivers appropriate funding for horses in genuine need-
Establishing a national network of approved retrainers through our Retrainer Approval Scheme (RAS)"
Embedding and scaling the Retraining Assessment Programme (RAP), offering structured support for
retiring horses with uncertain potential, providing charitable support where necessary.
Developing an assessment tool to support informed decision-making by owners and trainers as horses
retire.,
Registered number 4089376

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Expanding our education programme. including insight events for prospective owners, CPD-accredited
coaching modules, online reSoUr￿s, and outreach through equestrian colleges-
Strengthening relationships with National Governing Bodies to build clearer pathways into sport and
leisure competition for owners of former racehorses.
Increasing demand by providing opportunities to compete whilst showcasing second careers through
high-profile, bespoke events. highlighting the talent and versatility of former racehorses.
Challenging outdated perceptions and dispelling the "rescue- narrative by raising awareness of
successful transitions and the value of retraining.
Investing in digital transformation to align our website and CRM systems, enabling us to better track
transitions. support owners. and share tra￿abIlIty data with the wider industry;
Our commitment to traceability is also becoming realty. With access to data on horses signed out of racing, it
will facilitate us to map post-racing journeys with greater accuracy, offering support at key transition points and
generating meaningful insight into life after racing.
None of this progress would be possible without the commitment of our supporters. Thanks to growing
contributions from owners, racecourses, trainers, jockeys, auction houses and others. we are better placed to
deliver against our objectives with confidence and accountability-
ROR'S vision is clear.. for all fonner racehorses to enjoy a good life-valued, understood. and supported for long-
term success. While not every horse needs charitable support, every horse deserves a responsible. well-
managed transition. That is the principle that guides us, and we are grateful to all who share in making it a
reality.
Registered number 4089376
12

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 15135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Statement of Trustees, res
onsibilities
The Trustees (who are also directors of Retraining of Racehorses for the purposes of company law) are
responsible for preparing the Trustees, report and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company and charity law requires the Trustees to prepare financial statements for each financial year which
give a true and fair view of the state of affairs of the charitable company and of the incoming resources and
application of resources, including the income and expenditure. of the charitable company for that period. In
preparing these financial statements. the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP"
make judgments and estimates that are reasonable and prudent.
prepare the financial statements on the going COn￿M basis unless it is inappropriate to presume that
the charitable company will continue in operation.,
state whether the policies adopted are in accordan￿ with applicable accounting standards, subject to
any material departures disclosed and explained in the financial statements.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at
any time the financial position of the charitable company and enable them to ensure thatthe financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable
company and hence for taking reasonable steps for the p￿ventIOn and detection of fraud and other irregularities.
Statement as to disclosure of infomiation to auditors
Each of the persons who are Trustees at Ihe time when this Trustees, report is approved has confirmed that:
so far as that Trustee is aware, there is no relevant audit information of which the company's auditor is
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any information needed by the company's auditor in connection with preparing its report and to
establish that the companys auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston, was appointed as the charitable company's auditors during the year and
has indicated its willingness to continue in offi￿. The designated Trustees will propose a motion re-appointing
the auditor at a meeting of the Trustees.
This report was approved by the Trustees on 16 September
2025 and signed on their behalf by
PTfv
Da￿Th0￿8 16Sq
2025 12-.17-49BSTILrrG *11.
David Thorpe
Chairman
16 September 2025
Registered number 4089376
13

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 16135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Inde
endent Auditor's Re
ort to the Trustees and Members of Retrainin
of Racehorses Limited
Opinion
We have audited the financial statements of Retraining of Racehorses Limited (the 'charitable company,) for the
year ended 31 December 2024 which comprise the statement of financial activities, balance sheet. statement
of cashflows and notes to the financial statements, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable
in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and
of its incoming reSoUr￿S and application of resources. including its income and expenditure. for the
year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006, Charities Act
2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities
Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfonned, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concem for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the
relevant sections of this report.
Other inforniation
The trustees are responsible for the other information. The other infomiation comprises the infomiation included
in the trustees, annual report, other than the financial statements and our auditorfs report thereon. Our opinion
on the financial statements does not cover the other information and. except to the extent otherwise explicitly
stated in our report, we do not express any fomi of assurance conclusion thereon.
In connection with our audit of the financial statements. our responsibility is to read the other information and,
in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If. based on the
Registered number 4089376
14

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 17135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
work we have perfomed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the trustees. report for the financial year for which the financial statements are
prepared is consistent with the financial statements., and
the strategic report and the directors. report have been prepared in accordan￿ with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the strategic report and the directors, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and
the Charities Accounts (Scotland) Regulations 2006 require us to report to you if. in our opinion:
adequate and proper accounting records have not been kept, or retums adequate for our audit have not
been re￿iVed from branches not visited by us; or
the financial statements are not in agreement with the accounting records and retums. or
certain disclosures of directors, remuneration specified by law are not made., or
we have not re￿iVed all the infomiation and explanations we require for our audit.
the trustees were not entitled to prepare the financial statements in accordance with the small
companies, regime and take advantage of the small companies, exemptions in preparing the directors,
report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors of the
charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability
to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibility for the audit of the financial statements
We have been appointed as auditor under section 44{1)(c) of the Charities and Trustees Investment (Scotland)
Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations
made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement. whether due to fraud or error, and to issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Registered number 4089376
15

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that Complian￿ with a law or regulation is removed from the events and transactions
reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves
intentional concealment. forgery, collusion. omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud. were as follows=
Enquiry of management and those charged with govemance around actual and potential litigation and
claims.
Enquiry of management and those charged with govemance to identify any material instances of
noncompliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations-
Performing audit work to address the risk of irregularities due to management override of controls,
including testing of journal entries and other adjustments for appropriateness, evaluating the business
rationale of significant transactions outside the normal course of business and reviewing accounting
estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.o
.uklauditorsres
onsibilities. This description forms part of our
Auditor's Report.
Use of our report
This report is made solely to the charitsble company's members. as a body. in accordance with Chapter 3 of
Part 16 of the Companies Act 2006 and to the charitsble company's Trustees as a body, in accordance with
regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so
that we might state to the charitable company's members those matters we are required to state to them in an
Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for
this report, or for the opinions we have formed.
P.
Alexander Peal Bsc FCA DChA
Senior Statutory Auditor
For and on behalf of
James Cowper Kreston Audit
Statutory Auditor and Chartered Accountant
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
Date.. 18 September 2025
Registered number 4089376
16

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 19135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Statement of financial activities {including the Income and Expenditure Account)
for the year ended 31 December 2024
Notes
General
Funds
Endowment Restricted
Funds
Funds
2024
Total
2023
Totsl
Income from:
Donalions and legacies
891.836
891.836
834,956
Income from charitable activities..
Fundraising. grants, sponsorship.
registrations, clinic income and fines
290.324
290,324
322,221
Investment Income
94,714
61,441
3,436
159,591
170,181
Totsl income
1,276,874
61,441
3,436 1,341,751
1,327,358
Expenditure on:
Expenditure on charitable aclivities=
Grants and educational activities
Cost of generaling volunlary income
7 11.611.664)
(71.314)
(18.703)
(6.642) 11.637.009) (1,610,716)
(71.314)
1119,7471
Total expendlture
11,682,978)
(18,703)
16,6421 11,708,323) {1,730,4631
Net income l (expenditure)
Transfets between funds
(406.104)
156.170
42.738
(3.206)
(366,572)
1403,1051
16
(156.170)
272,735
Realised gainl{loss} on investments
Unrealised (lossllgain on investments
422.166
15,460
710.361
{77,064)
398,561
121,901)
(15,147)
{831)
{37,879)
Net incomel{expenditure) and net
movement in funds for the year
Reconciliation of funds
150,331
144,156
11,423
305,910
{81,608)
Total funds brought forward
4 140 020
2 823 076
151302
7114398
7 196 006
Total funds carrled fO￿ard
4 290 351
2 967 232
162 725
7 420 308
7114398
All of the above results are derived from continuing operations.
ROR has no recognised gains and losses other than those included in the results above and therefore no
separate statement of the total recognised gains and losses has been presented. There is no difference
between the net income and expenditure stated above and the historical cost equivalent.
Registered number 4089376
17

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Balance sheet
at 31 December 2024
Note
2024
2023
Fixed Assets
Tangible Assets
Investments
10
11/12
36.289
7,515,760
39,481
7,240,602
Tolal Fixed Assets
7 552 049
7 280 083
Current assets
Debtors
Cash at bank and in hand
Loans Receivable within 1 year
14
146,901
191,057
50.000
277,847
162,472
50,000
13
Total Current Assets
387,958
490,319
Liabilities
Creditors falling due within one year
15
(519,699)
(656.0041
Net current assets (liabilities)
(131,741
{165,6851
Net assets
7,420,308
7,114,398
The funds of the charity
Unrestricted income funds
Endowment funds
Restricted income funds
4,290,351
2.967.232
162,725
4,140,020
2,823,076
151,302
Total charity funds
16/17
7,420,308
7,114,398
The financial statements have been prepared in accordance with the Charities SORP FRS 102.
The notes at pages 20 to 33 form part of these accounts
These financial statements were approved by the Trustees on 16 September 2025 and signed on their
behalf by..
P Tktrrp8
Da￿10Th0￿% 16&0 z025 12..17..49WIUT¢411
David Thorpe
Chairman of the Trustees
16 September 2025
18
Registered number 4089376

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 21135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Cash flow statement
for the year ended 31 December 2024
2024
2023
Net cash used in operating activities
513,364
675,029
Cash flows from investing activities
Interest income
Dividends
Purchase of propety plant and equipment
Sale of investmenls
Purchase of investments
687
158,904
(14,9661
2,936,438
(2,620.2581
409
169,772
(2.5521
3,110,024
13,703,812)
Cash provided by (used in) investing activities
460.805
{426.1591
Increase in cash and cash equivalents in the year
27,942
2,592
Cash and cash equivalenls at 1 January 2024
Cash and cash equivalents at 31 December 2024
216.703
244,645
214,110
216,703
Reconciliation of net movement in funds to net
cash flow from operating activilles
Net movement in funds during the year
1366,572)
{403.105)
Adjustments for:
Depreciation
Interest income from investing aclivilies
Dividend income from investing activities
Decreasellincreasel in debtors
{Decreasellincrease in creditors
18,158
{6871
{158,904}
130,946
{136,305}
27,693
14091
{169,7721
{237,4221
107,986
Net cash used in operating activities
513.364
675.029
Analysis of cash and cash equivalents
Cash at bank and in hand
Noti￿ deposits
191,057
53,588
162.472
54,231
Total cash and cash equivalents
244,645
216,703
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes on the accounts
Accounting policies
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and
applicable charity law.
ROR meets the definition of a public benefit entity under FRS 102.
Basis of accounting
These financial statements have been prepared in accordance with the historical cost convention
except for fixed asset investments which are recorded at market value. All expenditure is
recognised on an accruals basis.
Accounting policies are supplemented by estimation techniques where judgement is required in
measuring the value of income and expenditure and of assets and liabilities.
Going concern
The Trustees believe that the charity is well placed to manage its business risks successfully have
a reasonable expectation that the charity has adequate resources to continue in operational
existence for the foreseeable future. Thus they continue to adopt the going COn￿M basis of
accounting in preparing the annual financial statements.
Statement of financial activities
ROR is a registered charity and so achievements cannot be measured by normal commercial
criteria. Accordingly, the Trustees consider that it would be inappropriate to present a profit and
loss account in one of the fom)ats set out in the Companies Act 2006. Therefore, as permitted by
the Companies Act, in order to reflect the special nature of the company's activities, the Trustees
are of the opinion that it would be more appropriate to present a Statement of Financial Activities.
Taxation
The Trustees believe that no charge to UK corporation tax will arise in respect of the year to 31
December 2024 as all activities of the company during this year were of a charitable nature. As a
registered charity, the company is entitled to various exemptions from taxation on income used for
charitable purposes.
Income and expenditure
All incoming reSoUr￿S are included in the SOFA when the charity is legally entitled to the income
and the amount can be quantified with reasonable accuracy.
Income is only deferred where the donor has specified that the amounts received are for use in
future accounting periods.
20

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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Accounting policies (continued)
Grants payable are payments made to rehabilitation ￿ntreS in furtherance ofthe charitable objects
of the charity. Grants are accounted for when either the recipient has a reasonable expectation
that they will receive a grant and the Trustees have agreed to pay the grant without condition, or
the recipient has a reasonable expectation that they will receive a grant and any condition attaching
to the grant is outside the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the
recipient but there is uncertainty about either the timing of the grant or the amount of the grant
payable.
Other charitable expenditure represents administrative costs payable for the period. The cost of
generating funds represent advertising costs for the general fund and allocated support costs.
Support costs are allocated based on management estimates of the lime spent on the different
activities of the charity.
VAT
As the charity is not registered for VAT, all expenses are shown gross of VAT.
Investments and investment income
All investments are stated at market value and the movement shown in the statement of financial
activities comprises both realised and unrealised gains and losses. Investment income is
accounted for on a re￿1vable basis.
Social Investments
Social investments are stated at cost less impaimient at the year end. Investments in the form of
equipment assets are impaired over the useful life of the investment.
Fund accounting
Funds held by the charity are either:
General funds - these are unrestricted free reserves which can be used in accordance with the
charitable objectives at the discretion of the Trustees.
Endowment funds - these are funds invested by the Trustees and up to 5 % of the value of the
investment may be used in accordance with the charitable objectives at the discretion of the
Trustees. Income earned on the endowment funds is unrestricted. However, in accordance with
the endowment bequest. any such income which is unexpended in the year is transferred to the
endowment funds.
Restricted funds - these are funds that can only be used for the particular restricted purposes
within the objectives of the charity- Restrictions arise when specified by the donor or when the
funds are raised for particular restricted purposes. Income generated by the restricted fund is
attributed to the general fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Fund transfers
The Paul Mellon endowment fund represents bequests from the Paul Mellon estate in December
2001 and a further grant given in May 2015. the temis of which state that ROR may transfer to
general funds not more than 5 % of the fair market value of the fund each year, at the Trustees,
discretion.
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Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Accounting policies (continued)
The bequest also states that any investment or interest income eamed on the endowment funds
which is unexpended in the year should be added to the endowment principal.
Intangible and Tangible fixed assets
The cost of intangible and tangible fixed assets is their purchase cost, together with any incidental
costs of acquisition. Depreciation is provided so as to write off the cost of intangible and tangible
fixed assets on a straight line basis over the estimated useful economic lives of the assets
concemed. The rates of depreciation are as follows:
Office equipment
34 years
Website I database development
4 years
Office fumiture
10 years
Vehicles
4 years
Pension scheme
The charity does not, itself. operate a pension scheme. The BHA operates a pension scheme that
employees of the charity are able to join. The defined benefit section of the scheme was closed to
future accrual on 31 December 2015 and from 1 January 2016 all employees in the pension
scheme were active members of the defined contribution section.
The charity is unable to identify its share of the underlying assets and liabilities ofthe defined benefit
scheme on a consistent and reasonable basis and therefore as required by FRS 102, accounts for
the scheme as if it were a defined contribution scheme. As a result, the amount charged to the
statement of financial activities represents the contributions payable to the scheme in respect of
the accounting period in which they are paid. The charity continued to pay an amount £1,500 (2023..
£1,500) into the scheme in respect of voluntary deficit funding as agreed with the BHA. Amounts
of £45,250 (2023.. £37,848) were also paid into the defined contribution scheme operated by the
BHA.
Donated Seryices
Administrative support costs (encompassing secreiariate, marcomms, finance and human
resources), which are bome by BHA, are recognised as donated services. The amounts in the
Statement of Financial Activities represent an allocation of BHA employee salary based on time
spent by those employees in administering the charity. Donated services also includes services
and facilities provided by racecourses for ROR parades. and horse testing services provided by the
BHA. All amounts are included in income at a valuation which is an estimate of the financial cost
borne by the donor where such a cost is quantifiable and measurable.
Legacies
Legacies are accounted for in whole or in part. is only when receipt is considered probable, the
amount can be measured reliably and the charity has been notified of the executorfs intention to
make a distribution. Where legacies have been notified to the charity. or the charity is aware of the
granting of probate, and the criteria for income recognition have not been met, then the legacy is
a treated as a contingent asset and disclosed if material.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at
rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are
translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses on investments are recognised in the Statement of Financial Activities.
22

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 25135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Debtors
Trade and other debtors are recognised at the transaction amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash
Cash at bank and cash in hand includes current account balan￿$ and cash held in deposit
accounts.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third party and the amount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are normally
recognised at their settlement amount after allowing for any trade discounts due.
Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the investments which are subsequently
measured at market value.
Judgements in applying accounting policies and key sources of infomiation uncertainty
In determining if leases entered into by the charity are finance or operating leases, the lease has
been assessed to detemine whether the risks and rewards of ownership have been transferred to
the lessor by the lessee on a lease by lease basis.
Tangible and intangible assets are capitalised when the asset is deemed to have a useful life in
excess of one year. Assets are then depreciated over what is assessed as their useful economic
life.
Support costs are allocated be￿een the charity's charitable activities where possible based on
specific attribution. Where this is not possible costs have been apportioned be￿een activities using
an approximation based on time.
Interest income all relates to bank interest.
Income from donations and legacies
Incoming resources are derived from industry funding and self-generating sources.
2024
2023
Donations received:
- Owners
- Racecourses
- HBLB
222,534
140,900
176,881
10,490
5,100
1,540
2.758
9.025
184.281
222,175
142,500
87,601
8,420
5,270
1,619
2,880
8,263
64,435
Trainers
Jockeys
Hunter certificates
Point to Point Authority
Breeders (in addition to sponsorship)
Other
753.509
49.455
88.872
543,163
232,724
59,069
Legacies received
Donated services
Total
891 836
834 956
23

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 26135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Income from charitable activities
2024
2023
Fundraising grants and sponsorship
Registration and clinic income
101,481
188,843
145,541
176,680
Total
290.324
322,221
Investment Income
2024
2023
Dividends
Interest received
158,904
687
169,772
409
Total
159.591
170,181
Analysis of staff costs, trustees, remuneration and expenses and the cost of key
management personnel
The Trustees received no emoluments or benefits in kind in respect of their services to the charity
during the year (2023.. nil). Total expenses reimbursed to 4 Trustees during the year were £3,272
(2023.. 5 Trustees £2, 786). £598 was incurred in respect of general Board meeting costs (2023..
£645).
Indemnity insurance is provided for all Trustees under a policy held by BHA. the proportion of which
relating to ROR is not separately identifiable and has therefore not been included in the charity's
accounts.
2024
2023
Salaries and wages
Social security costs
Pension costs
615.494
73.486
45.251
577,089
54,956
37,848
Total
734.231
669,893
Administrative support costs are bome by BHA and in 2024 these amounted to £88,324 (2023."
£59,069).
The number of employees who received emolument between £120,001 and £130,000 was 1 (2023..
£100,001-£110,000 1, £110,001- £120,000 1).
The key management personnel in 2024 of the charity comprise Trustees, and the Managing
Director. The total employee salary, pension and benefits in kind costs of the key management
personnel in 2024 were £137.050 (2023.. £237,319).
24

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 27135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes(continued)
Staff numbers
The average monthly head count was 15 (2023.. 16).
Analysis of general fund expenditure on charitable activities
Charitable activities
Cost of
Investment Promotion
generating management
of ex-
voluntary
fees racehorses
income
in2
careers
Vulnerable
Horse
Scheme
Governance
costs
2024
Total
2023
Total
Directly attributable costs
Grants and assessment
484.631
484,631
496,220
Sports and Competitions
Audit fee
456.780
456,780
12,840
46,013
3,870
461,616
12,120
45,192
3,145
12,840
Investment management
Trustees, expenses and
meeting costs
46.013
3.870
Totsl
46,013
456,780
484,631
16,710
1,004,134
1,018,293
Support costs allocated
Staff costs
36.837
386.782
36.836
95.776
556.231
424,136
112,442
21,789
19,411
3,068
25,867
Exceptional costs
Travel costs I car leasing
Website
Advertising
Professional fees
2,451
7,152
298
2.452
7,152
298
4,903
21.457
895
7,153
299
61,758
61.758
Equipment depreciation
Pension deficit funding
Fundraising costs
Olher office costs
1.478
500
11,067
13,980
1,479
500
1,479
500
4,436
1.500
11.067
41.942
4,570
1,500
58,755
40,632
13,981
13,981
Total
71,314
412,643
62.698
157.534
704,189
712,170
Total expended
71.314
46.013
869.423
547.329
174.244
1.708.323
1,730,463
The staff costs set out in note 5 are a combination of the separately disclosed support costs and costs
contained within some of the directly attributable costs.
25

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 28135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Net incomel(expenditure) for the year
This is stated after charging:
2024
2023
Depreciation
Auditor's remuneration=
Audit fees
18,158
27.693
12,840
12.120
Grants paid
The value of grants given to organisations in pursuit of the objectives of the charity are as follows.
2024
2023
Heros
The British Thoroughbred Retraining
Centre
Greatwood
New Beginnings Horses
Horses & Ponies Protection Association
Peoplelon Brook Farm
Wodd Horse Welfare
Frederick A Cook Partnership
Grange Farm
Sophie Spiteri
Retreat Livery (J A Clark)
Victoria Cartmel
214,106
99.102
236,880
17,044
42.600
16.031
5,736
3.000
2,500
500
34.500
63,455
2.000
3,500
2.500
5.500
4.500
4.000
1,500
1.500
Grants to 3rd parties for emergency relief.
vet fees and transport
3,657
15.582
Total grants made in the year
387,232
392,461
All grants paid in 2024 have been awarded on the basis of ROR'S vulnerability criteria.
A total of 332 (2023= 136) grants were issued to institutions.
26

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 29135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
10.
Tangible fixed assets
Office
equipment
Websitel
database
development
Office
fumiture
Vehicles
Total
Cost
At beginning of year
Additions
42,878
326
153,966
14,640
3,360
62,238
262,442
14.966
At end of year
43,204
168,606
3,360
62,238
277,408
Depreciation
At beginning of year
Charge for year
25.086
6,371
147,086
6,880
2.263
336
48.526
4,571
222.961
18,158
At end of year
31.457
153,966
2.599
53,097
241.119
Net book amount
As at 31 December 2024
11,747
14,640
761
9,141
36,289
As at 1 January 2024
17.792
6.880
1.097
13.712
39.481
All fixed assets are held for charitable purposes
27

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 30135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Investments
Money
Market & UK
Cash
Global Fixed Income Ailemative Commodity Mixed Asset
Equities
Corporate &
Funds
Treasury Bonds
Totsl
Market value at 1 January 2024
Add.. acquisitions
Less- disposals at opening book
value
Add.. net gainl(lossl on revaluation
Add.. net movement in cash
54,231 4,798,283
2.032.032
11,963,842)
754,380
150,512
566,604
187.325
1505,904) {150,512)
1,480,696
7.238,102
2,936,437
(2.620,2581
150,476
(63.805)
12,481
(32,838)
9,705
36,579
(37,8781
{6431
16431
Market value at 31 December
2024
53,588 4,802,668
827,561
154,487
160,181
1,517,275
7,515,760
Historical Cost at 31 December
2024
53,588 4,886,474
815,800
187,325
150,476
1,480,696
7,553,638
Material investments
The following listed investments were considered by the Trustees to be material to the portfolio at the
yearend..
2024
Value
2024
Portfolio
2023
Value
2023
Portfolio
Brompton Global Income P
Fidelity Investment servI￿s (UK) Ltd
Ishares Vll PLC Core S&P 500 units ETF USD
1,517,275
931,884
680,231
486,414
422,571
419,608
419,247
372,289
332,240
227,874
220,234
212,044
90,527
20
1,480,696
740,258
534,162
235,861
305,758
395,684
20
12
10
Artemis Fund Managers Income
Artemis Fund manager UK Special Situations Fund
Man Fd Mgmnt UK Man Glg UK Inc Prof D Inc
Pimco FDS Global investors SRS Global Low Dur REAL
Ishares Core FTSE100 UCITS ETF GBP DIS
Ml Twentyfour Investment Fund
Baille Gifford Overseas Growth
xtrackers IIEI PLC S&P 500 Equal weight UCITS 2D USD
Ml Chelverton Equity Fund Ml Chelverlon UK Equity
Polar Capital Funds Global Technology
Redwheel GBL Emerging Markets
Vanguard Investment Series Global Bond
Liontrust Fund Partners LLP Special Situations Inc
Blackrock Fund Manager Lld European Dynamic FD
Ishares11 PIC USD Treasury Bd 7-10yr USD
Other holdings
248,476
277,604
280,053
305,362
301,023
251,597
247,547
204,881
1,374,909
1,129,734
15
19
Cash
53,588
54,231
Tolal portfolio
100
100
28

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 31135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
12.
Social Investment
2024
2023
Programme related investment
2,500
2,500
The charily purchased a Balemaster straw shredding machine al a cost of £12.000. The value of £nil
is after a cumulative impaimient charge of £12,000. This is on loan to New Beginnings Horses.
13.
Loans Receivable
2024
2023
Amounts due within 1 year
Loans Receivable
Amounts due in greater than 1 year
Moorcroft
BTRC
Greatwood
Provision
50,000
50,000
100.000
83,000
10,000
(193.0001
100,000
83,000
10,000
1193,000)
50.000
50,000
An inlerest free loan of £50,000 was provided in 2021 to BTRC. This was due for repayment on 31
December 2022.
14.
Debtors . amounts due within 1 year
2024
2023
Prepayments and accrued income
146,901
277,847
146,901
277,847
15.
Creditors: amounts falling due within one year
2024
2023
Accruals and trade creditors
519,699
656,004
519.699
656,004
Notes (continued)
29

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 32135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
2024
2023
Deferred income at the start of the year
Resources deferred during the year
Amounts released from previous periods
18,675
61.448
(18,675)
7,281
18,675
{7.2811
61.448
18,675
16.
Reconciliation of movement in accumulated funds
As at 31 December
2024
Opening
balan
Incoming
resour￿$
Outgoing
resources
Gain on
investments
Transfers
Closing
balance
Unrestricted funds
General fund
Restricted funds
ERT fund
Paul Mellon capital
projects fund
Endowment funds
Paul Mellon
endowment fund
4.140.020
1,276,874
(1,682.978)
400,265
156,170
4.290.351
51.418
1.168
(3,506)
4.971
54.051
99,884
2,269
13,136)
9,657
108,674
2.823.076
61,441
{18.703)
257,588
1156,170}
2.967.232
Total
7,114,398
1,341.752
(1,708,323)
672,481
7,420,308
2023
Opening
balance
Incoming
resources
Outgoing
resources
Loss on
inveslments
Transfers
Closing
balance
Unrestricted funds
General fund
Restricted funds
ERT fund
Paul Mellon capital
projects fund
Paul Mellon welfare
database
Endowment funds
Paul Mellon
endowmentfund
4.214,143
1.259.003
(1.695.711)
214,002
148,583
4,140,020
56,545
1.361
(9,359)
2,871
51,418
96.349
2,319
13,677)
4,893
99.884
6,749
162
(7,254)
343
2,822,220
64,513
(14,462)
99,388
1148,583)
2,823,076
Tolal
7.196.006
1.327.358
(1.730.463)
321.497
7.114.398
The unrestricted general fund represents free reserves and can be used in accordan￿ with the charitable
objectives at the discretion of the Trustees. The charity relies on income and capital growth generated from
the investment of these reserves to support activity, whilst aiming to maintain the long-term real capital
value to generate a continual income stream.
30

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 33135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
The Paul Mellon endowment fund represents bequests from the Paul Mellon estate in December
2001 and May 2015, the terms of which state that the ROR may transfer to general funds not more
than 50/0 of the fair market value of the fund each year. The Trustees transferred £156,170 of the
bequest to general funds during the year (2023." £148.538). Under the terms of the bequest, any
unexpended income earned on the endowment funds should be added to the endowment principal
at the end ofthe year. In the yearended 31 De￿rnber 2024, £61,441 was added to the endowment
principal (2023.- £64,513).
Also, included within the movement in funds during the period is a realised gain of £272,736 (2023..
realised loss £23,824) and an unrealised loss of £15,147 (2023.. unrealised loss of £123.212).
The Paul Mellon capital projects fund was funded by a bequest from the Paul Mellon estate in
December 2001. The temis of the bequest state that it must be used to build, acquire or improve
structures, equipment and other facilities to be used for the care and maintenance of retired
thoroughbred racehorses. The fund was used in 2020 to purchase a Balemaster bale shredder at
a cost of £12,000 for use by New Beginnings Horses under ROR'S social investment policy. The
depreciation charge in 2024 was £2,500 (2023.. £3,000).
The Emergency Relief for Thoroughbreds fund (ERT) was established in 2008 with the transfer of
the ERT funds from the Racehorse Owners Association. During the year grants of £3.179 (2023..
£8,962) were made from the fund.
17.
Analysis of net assets between funds
General Endowment
Funds
Funds
Restricted
Funds
Total
As at 31 December 2024
Fixed assets
Investments
Cash at bank and in hand
Other assets
Current liabilities
36,289
4.379.189
191,057
196,901
(513,085)
36.289
7,509.146
191.057
196,901
{513,085)
2.967,232
162,725
4,290,351
2,967,232
162,725
7,420,308
General Endowment
Funds
Funds
Restricted
Funds
Total
As at 31 December 2023
Fixed assets
Investments
Cash at bank and in hand
Other assets
Current liabilities
39,481
4.266,224
162,472
321,917
(650,074)
39.481
7,240.602
162,472
321,917
{650,074)
2.823,076
151,302
4,140,020
2,823.076
151,302
7,114,398
31

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 34135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
18.
Financial commitments
At 31 De￿mber 2024 the Company had total commitments under non-cancellable operating
leases as follows..
2024
Land and
Buildings
2024
Vehides
2024
Total
2023
Total
Expiring
within one year
18.044
2.912
20,956
23,461
Be￿een tsvo and five years
inclusive over five years
72,178
39.096
72.178
39,096
75,090
57,141
129.318
2,912
132,230
155,692
19.
Liability of members
The members of the Company have undertaken to contribute a sum not exceeding £1 each to meet
the liabilities of the company in the event that it is wound up.
20.
Related party transactions
The company has transacted with the following related parties, all of which are related by virtue of
one of their employees, appointments, or directors being a director of the company.
Details of sales and recharges to and administrative expenses incurred from related parties are
detailed below
Sales sponsorship and
donations
2024
Good and services supplied from
2023
2024
2023
Aintree Racecourse Developments
British Horseracing Authority
Chester Ra￿ Company Ltd
65
1,701
18,324
88,872
59.069
758,748
731,407
1,500
1,300
Point to Point Authority Limited
2,758
2,880
10,164
Musselburgh Racecourse Limited
2,486
2,600
Thoroughbred Breeders Association
BRS Education Limited
8.800
7,850
1.000
360
Ra￿horSe Owners Association
1.400
ROR Trading CIC
32

VithalSignatur8 Transaction Ref. DG29-369P-L3ZW 16 Sep 2025 12..17..50 BST (UTC +11 D 2Y2 P 35135
Retraining of Ra¢ehorses
(a company limited by guarantee)
Annual rcport
Year ended 31 December 2024
Notes (continued)
Related paty transactions included in year-end debtors and creditors were as follows.
Receivables outstanding
2024
2023
Creditors outstanding
2024
2023
British Horseracing Authority
ROR Trading CIC
BRS Education Limited
200,078
579,907
280
The charity held one fundraising event in 2024 and there was £200 income from Trustees and their
related parties as a result (2023.- £nil ).
21.
ultimate controlling party
ROR is controlled by its Board of Trustees. Accordingly, there is no single individual that can, or
does, exerl control over the charitable company.
33